News

CICH (CI Capital) Takeover by Banque Misr Successful

14 Mar 2021

Banque Misr will get the 90% stake in CI Capital it sought after a majority of the company’s shareholders agreed to sell their shares for the EGP4.70/share offer lodged by the state-owned bank earlier last month, CI said in a disclosure to the EGX on Thursday.

The tender offer, which wrapped up on Thursday, was 1.1x oversubscribed, with shareholders agreeing to sell 720.8mn shares. This is equivalent to 72% of CI Capital shares — more than the 65% stake targeted by the bank.

But Banque Misr won’t buy them all. Banque Misr — which already owns a 24.7% stake in the company — will only purchase 653mn shares through the MTO, a source at CI Capital said, speaking on condition of anonymity. Following the acquisition, Banque Misr will own 90% of the company and the remaining 100mn shares will remain in free-float on the EGX, the source added. The transfer of ownership will be wrapped up within 5 working days, the source said. (Source: Company Disclosure, Enterprise, Hapi Journal)

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